There is perhaps no better spot for property investment than the nation’s capital as a series of developments are expected to be a boon for Ottawa, which has investors eyeing high returns.
“I am seeing a lot more location-specific purchases in Ottawa,” said Nick Bachusky, a mortgage advisor at Verico Canada. “We have five new developments under construction; to be built within the next five or 10 years – they’re totally going to change everything in Ottawa.”
He added that projects, such as the Saint-Charles Church development in Vanier, a development in the CFB Rockcliffe area; and the Vivi project at the former E.B. Eddy site on the Quebec side, are just a few expected to take the city to the next level.
The comments come as Ottawa has been experiencing solid growth, not just in construction, but the city recently had its best May for real estate sales since 2009. What’s more, a recent study in MoneySense named Ottawa the second best place to live in Canada.
Ottawa also boasts high-paying jobs in technology and the public sectors, low vacancy rates, above-average population growth, immigration and transportation projects.
Members sold 1,926 residential properties last month, 7.7 per cent more than in May 2014, and was also ahead of the five-year average of 1,812, according to the Ottawa Real Estate Board, a signal that investors and homebuyers are wising up to the value the nation’s capital provides.
Two-storey residential properties sold surpassed 1,000 units last month, continuing to have the highest concentration of buyers in Ottawa.
The average price of a residential property was up 2.6 per cent from the same month last year to $411,791, while the average condo sold for $266,940, a drop of 4.9 per cent from May 2014.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Sop's Arm, Lennox and Addington, Beaverdell, Brampton, Zealandia